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Vaselesa [24]
3 years ago
7

Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on

June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions. a. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. b. The company paid $2,500 cash for rent of office space for the month. C. The company purchased $17,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and Immediately collected the $2,500 cash earned. e. The company completed work for a client and sent a bill for $7,300 to be received within 30 days. f. The company purchased additional equipment for $5,900 cash. g. The company paid an assistant $3,500 cash as wages for the month. h. The company collected $4,600 cash as a partial payment for the amount owed by the client in transaction e. 1. The company paid $17,000 cash to settle the liability created in transaction c. J. The company paid $1,100 cash in dividends to the owner (sole shareholder).
Business
1 answer:
Oksi-84 [34.3K]3 years ago
8 0

Answer:

I used an excel spreadsheet since there is not enough room here.      

Explanation:

Download pdf
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You are a real estate owner in Bloomington Indiana and you have rented a house to students. You expect to make 6% per year on th
Lyrx [107]

Answer:

The present value of the contract is 0.5% higher if the rent is paid at the beginning of the month. That is equal to $11.28 for every $100 of rent.

Explanation:

if the rent is paid at the beginning of the month, the present value of the lease contract will be:

PV = monthly rent x PV annuity due factor

we are not given the monthly rent, but we know the PV annuity due factor for 0.5% and 24 periods = 22.67568

if the rent is paid at the end of the month, the PV = monthly rent x PV ordinary annuity factor

the PV ordinary annuity factor, 0.5%, 24 periods = 22.56287

assuming that the rent is $100 (just to calculate a %), the PV of an annuity due = $2,267.57

the PV of an ordinary annuity = $2,256.29

the difference between them = [($2,267.57 / $2,256.29) - 1] x 100 = 0.5%

7 0
3 years ago
Larry's Lawn Care incurs significant gasoline costs. This cost would be classified as a variable cost if the total gasoline cost
mafiozo [28]

Answer:

Increases in direct proportion to the number of hours the lawn equipment is operated.

Explanation:

Variable costs refer to those costs which vary or change with the level of production output. Such costs rise as production level increases and fall with decrease in the production level.

Examples of variable costs would include direct labor cost which varies with the number of hours worked, or sales commission which varies w.r.t the volume of sales effected by a salesperson.

In the given case, the cost incurred on gasoline, which is used as fuel for lawn equipment, would be classified as a variable cost if, such cost increases when lawn equipment is operated for more hours or falls when the same equipment is operated for lesser number of hours.

Thus, such costs should increase in direct proportion to the number of hours the lawn equipment is operared, to be classified as a variable cost.

5 0
2 years ago
Compare and contrast John Keats’s “To Autumn” and Susan Hartley Swett’s “July.” In your response, make sure you include the answ
Vera_Pavlovna [14]
The principle is the loan amount so it would be $1,000.
Hope it helps!
6 0
2 years ago
Compared to a corporation, a partnership is more difficult and expensive to establish.
barxatty [35]
The answer should be False.
3 0
2 years ago
Carlos Ramirez and Camila Garza organized New World Book Store as a corporation; each contributed $70,900 cash to start the busi
kvasek [131]

Answer:

Net Income = $28,070

Explanation:

As for the provided details:

Balances as on December 31, 2014

Cash = $70,050

Accounts Receivables = $40,000

Inventory = $77,000

Total Assets = $187,050

Accounts Payable = $13,600

Note Payable = $3,400

Interest payable = $180

Total Liabilities = $17,180

Common Stock = $70,900 + $70,900 = $141,800

Retained earnings = $28,070

Total Stockholder's Equity = $169,870

Total of Equity and Liabilities = $187,050

Now, since it is the first year of operations, the balance of retained earnings in beginning = $0.

Also no dividend is paid, therefore, net income for the year shall be

Opening Retained Earnings + Net Income - Dividend = Closing Retained Earnings

$0 + Net Income - $0 = $28,070

Thus, Net Income = $28,070

5 0
3 years ago
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